Elway Company Acquired 80 Percent of the Outstanding Stock of Warner

Multiple Choice

Elway Company acquired 80 percent of the outstanding stock of Warner Company for $152 cash.(No goodwill is associated with the acquisition.) Elway Company's assets prior to the acquisition were $700.Warner Company's assets prior to the acquisition were $400.What are the total assets on the consolidated balance sheet prepared immediately after the acquisition of Warner Company's stock? (Assume elimination entries are completed.)

A) $400
B) $700
C) $948
D) $1,100